Best Student Loan Refinance Companies

Citizens Bank offers student loan refinancing with decent interest rates and flexible repayment terms of 5, 7, 10, 15, or 20 years. If you opt to add a cosigner, you’ll be able to release them after 36 on-time payments.

Pros

• Available to borrowers that didn’t graduate
• Auto debit discount of up to 0.50%
• Several repayment terms to choose from

Cons

• Higher borrowing minimum than some competitors
• Hardship forbearance is available, but only on a case-by-case basis
• Unclear credit score requirements

Citizens Bank requires a minimum income of $24,000 for the borrower and cosigner combined. If you don’t surpass that minimum, you’ll want to consider another lender.

Discover provides a competitive refinancing offer for borrowers that did not obtain a degree. However, they only offer two loan repayment terms of 10 or 20 years and don’t offer cosigner release, which is less flexible than some competitors.

Pros

• Available to borrowers that didn’t graduate
• Auto debit discount up to 0.25%

Cons

• Higher interest rates than some competitors
• Only offers two loan terms of 10 or 20 years
• No cosigner release

Discover does not disclose credit or income requirements, and you’ll need to complete a formal application to see what you’ll qualify for. This will result in a hard credit check, which can temporarily impact your credit score.

Earnest offers an incredibly competitive refinance loan, complete with lower-than-average interest rates, flexible repayment terms, and clear eligibility criteria.

Borrowers can refinance just about any loan type, including private parent loans and federal Parent PLUS loans.

Pros

• Competitive interest rates
• Auto debit discount of 0.25%
• Ability to choose any repayment term between five and 20 years
• Ability to refinance parent and Parent PLUS loans
• Available to borrowers that didn’t graduate

Cons

• Must meet a list of criteria, including having at least two months’ worth of expenses saved
• No cosigner release policy

Earnest requires borrowers to either:

• Have graduated from a Title IV accredited school, or;
• Have completed a portion of a program, and meet other criteria.

Laurel Road offers student loan refinancing for specific degree types and professions, with the ability to refinance as early as your final semester in school. Borrowers can refinance standard loan types, like federal and private, as well as Parent PLUS loans.

Unlike some other lenders, Laurel Road does offer refinancing for associate’s degree graduates. However, it is only available to certain professions.

Pros

• Competitive interest rates
• Cosigner release after 36 months
• Ability to refinance Parent PLUS loans in your own name

Cons

• Unclear credit requirements
• 0.25% auto debit discount requires a Laurel Road Linked Checking Account after the introductory offer
• Associate’s degree loan refinancing is only available to certain professions

Laurel Road offers an introductory 0.25% auto debit discount offer for the first three billing cycles. After that, the auto debit discount is based on the amount deposited into your Laurel Road Linked Checking Account.

That said, if you’re receiving deposits greater than $7,500 per billing cycle, you can get up to 0.55% in auto debit discounts.

MEFA, or the Massachusetts Educational Financing Authority, offers competitive interest rates and doesn’t require borrowers to have graduated. However, they don’t offer an auto debit discount or cosigner release, and you’ll only have three repayment term options — 7, 10, or 15 years.

Pros

• Competitive interest rates
• Available to borrowers that didn’t graduate

Cons

• No cosigner release option
• No variable interest rate option
• No auto debit discount
• Few repayment term options

MEFA requires a minimum income of $24,000.

While PenFed’s interest rates are higher than some competitors, and they don’t offer a variable rate option, they do allow spouses to refinance their student debt into a single loan — something most lenders don’t offer. They also allow borrowers to refinance Parent PLUS loans in their own name.

Pros

• Allows spouses to combine their student debt into a single loan
• High borrowing maximum
• Cosigner release after 12 months of consecutive, on-time payments

Cons

• Higher interest rates than some competitors
• No variable interest rate option
• Higher borrowing minimum than some competitors

PenFed’s cosigner release policy is shorter than most competitors. After just 12 months of consecutive, on-time payments, your cosigner can be released.

PNC Bank offers competitive interest rates and a higher-than-average auto debit discount of 0.50%. They also work with borrowers that did not obtain a degree, although you’ll need to have made at least 24 payments on your current loan to qualify.

Pros

• Competitive interest rates
• High auto debit discount of 0.50%
• Available to borrowers that didn’t graduate

Cons

• Low borrowing maximum compared to some competitors
• Unclear credit score requirements
• Cosigner release requires 40 months of payments, which is more than some competitors

PNC Bank offers four loan terms — 5, 10, 15, and 20 years — although the 20-year repayment term is reserved for borrowers with loan balances higher than $75,000.

RISLA, the Rhode Island Student Loan Authority, offers refinance loans with competitive interest rates and repayment terms. They do not, however, offer a variable interest rate option or cosigner release.

Pros

• Offers an income-based repayment option
• High borrowing limit
• Auto debit discount of 0.25%

Cons

• No variable rate option
• No cosigner release
• No variable rate option

RISLA has a minimum income requirement of $40,000. If you don’t meet that threshold, you’ll need to consider another lender.

SoFi offers competitive interest rates and strong benefits for members, but they lack a cosigner release option. They are, however, available to associate’s degree holders and don’t have a borrowing limit.

Pros

• Available to associate’s degree graduates
• Competitive interest rates
• SoFi customers get additional benefits, such as 0.125% discounts on SoFi products
• No borrowing limit of refinance loans

Cons

• No cosigner release

SoFi offers their Unemployment Protection Program to all borrowers, which allows you to pause payments in three-month increments for up to 12 months if you’re laid off from work. Members also get access to free career coaching, financial advice, and more.

Splash Financial is a lender marketplace that allows you to compare loan offers from various credit unions and banks. Because of that, loan details and requirements may vary depending on the specific lender you work with.

Pros

• Competitive interest rates
• High borrowing limit

Cons

• Borrowers must have graduated with an associate’s degree or higher to refinance

Splash Financial doesn’t disclose the minimum income needed to qualify. However, the typical income of an approved borrower is over $80,000, which is high in comparison to competitors.